Are you looking for a new career? A change in your life?
The insurance industry is known for stability and growth.
Within the insurance industry there are specific careers such as actuaries, underwriters, insurance investigators, and more commonly recognized careers, agents, brokers, and Agency Owners. This article explores how each is important and how they work together in an insurance company.
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An actuary is someone who has excellent math skills. This person likes working with statistics and calculating probabilities. Insurance premium rates are about gathering and analyzing facts (such as morbidity data) and probabilities (possible results). The cost of an insurance plan is calculated by estimating the likelihood of paying policy benefits, as well as covering overhead costs and allowing a profit for the company. This position is crucial to the insurance company because an actuary helps determine the profit of a company.
Unlike actuaries, underwriters look at the individual person or the property for insuring and calculating risks. They look at the person’s health and age, and other lifestyle factors to underwrite a life insurance policy. They will use the information and facts developed from the actuaries to assess whether the person applying for life insurance is a good risk.
Unfortunately, some people will try and claim insurance benefits under fraudulent acts and means. Some of these people are criminals who use others’ identities or falsified medical records. Others may exaggerate the claim, hoping to get more money. Their attitude is that life insurance companies have plenty of money. These fraudulent acts contribute to driving up insurance premiums. Insurance investigators may deny the perpetrator’s fraudulent claims, and the insurer may bring legal action. Some insurance companies have in-house insurance investigators, and some are contracted as independent and certified insurance investigators.
At the heart of every insurance company are the people who sell insurance products. They are the people responsible for educating potential policy holders on what type of insurance best meets the policyholder’s needs.
Agents work independently and are usually associated with an insurance company to represent the products the company sells. Brokers are also licensed agents who represent many insurance companies and work as an intermediary between a consumer and an insurance company. Agency Owners manage and supervise many agents within their agency. They recruit, train, and mentor agents to become successful.
All agents, brokers, and Agency Owners must be licensed by the state and can be licensed in more than one state.
Successful Agents
It is hard work to be a successful agent. And with the hard work comes many rewards, some may be financial rewards such as renewal commissions that keep paying the agent year after year as long as the policy holder retains the policy.
Insurance agents also have autonomy and essentially work for themselves.
Be curious. Keep your options open and discover the many types of jobs and careers the insurance industry offers.